Delivering ahead of expectations

Research evidence excerpt

Delivering ahead of expectations

he ratio of price to net asset value is considered. Valuation ranges may be changed when earnings

and cash flow forecasts are changed. They may also be changed when the underlying value of a company's assets changes (in

the cases of investment companies, property companies or insurance companies) or when factors impacting the required rate of

return change.

Expected updates

ABGSC has no fixed schedule for updating its research reports. Unless expressly stated otherwise, ABGSC expects (but does

not undertake) to issue updates when considered necessary by the research department, for example following the publication

of new figures or forecasts by a company or in the event of any material news on a company or its industry.

Important Company Specific Disclosure

The following disclosures relate to the relationship between ABG Sundal Collier and its affiliates and the companies covered by

ABG Sundal Collier referred to in this research report.

Unless disclosed in this section, ABG Sundal Collier has no required regulatory disclosures to make in relation to an ownership

position for the analyst(s) and members of the analyst's household, ownership by ABG Sundal Collier, ownership in ABG

Sundal Collier by the company(ies) to whom the report(s) refer(s) to, market making, managed or co-managed public offerings,

compensation for provision of certain services, directorship of the analyst, or a member of the analyst's household, or in relation

to any contractual obligations to the issuance of this research report.

ABG Sundal Collier has undertaken a contractual obligation to issue this report and receives predetermined compensation from

the company covered in this report.